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The common trade practice in the pharmaceutical sector is that the drugs or medicines (hereinafter referred to as “goods”) are sold by the manufacturer to the wholesaler and by the wholesaler to the retailer on the basis of an invoice/bill of supply as case may be. It is significant to…

What is GST Audit GSTR 9C form ? From July 2017 GST was introduced in India. Before GST there were state wise audit was called as VAT Audit. In Same manner GST Audit is reconciliation between the Annual GST return and audited financial statements. GST Audit is Difference Between Details...

Priority Sector Lending is an crucial role assigned by RBI bank to banks for giving specified portions of bankers lending to specified sectors. These sectors are listed by RBI bank after discussion with central government. RBI play key important role to choose Priority Sector Lending. Therese sectors are Agriculture micro…

It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. GSTR1 GST late fees waiver scheme has been introduced by finance minister on Monday. It object to promote tax payers in filing GST return GSTR1 GST…

Inverted Duty Structure GST Inverted Duty Structure means a situation where the rate of tax paid on inputs goods/services is higher than the rate of supplies. Inverted Duty under GST It’s a situation where taxes paid on purchases is higher then the taxes paid on the supplies.Refund of Inverted Duty…

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